In-principle nod to IDFC, Bandhan for bank licences: RBI

The Reserve Bank of India (RBI) has given in-principle approval to IDFC and IDFC and Bandhan Financial Services for new bank licences.

IDFC  and Bandhan Financial Services have emerged winners among a list of 25 hopefuls, with the RBI giving the two NBFCs in-principle nod for a bank licence.

A day after the Election Commission permitted it to go ahead with the issue of new banking licences, the Reserve Bank of India gave in-principle approval to infrastructure finance company IDFC and Kolkata-based microfinance firm Bandhan to comply with the requirements of a fledged bank in 18 months.

The RBI originally received 27 applications in July 2013, after which Tata Sons and Videocon Group withdrew, leaving 25 contenders in the fray.

Besides India Post, the other applicants included state-run IFCI and private sector Anil Ambani group and Aditya Birla group, Bajaj Finance, Muthoot Finance, Religare Enterprises and Shriram Capital.

With regard to the application of the Department of Posts, the RBI accepted the recommendation of the high-level screening committee to take further action in consultation with the government.

At present, there are 27 public sector banks and 22 private sector banks in the country.

The RBI has issued bank licences after a gap of a decade. It last awarded licences to Kotak Mahindra Bank and Yes Bank in 2003-04.

(With inputs from PTI)

IDFC stock price

On April 02, 2014, IDFC closed at Rs 128.00, up Rs 4.90, or 3.98 percent. The 52-week high of the share was Rs 165.45 and the 52-week low was Rs 76.25.

The company's trailing 12-month (TTM) EPS was at Rs 12.79 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 10.01. The latest book value of the company is Rs 88.76 per share. At current value, the price-to-book value of the company is 1.44.

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